Industry Analysts Predict Project Starts, Materials Costs to Increase Slightly During 2024

January 22, 2024|

By KERRY SMITH

Dodge Construction Network and JLL Research are both projecting increases in the construction costs of bridge and road projects during the first half of 2024, but also predict an increase in the number of U.S. infrastructure project starts this year.

According to Dodge, 2024 the number of construction starts will increase 7 percent in 2024, compared to a 1 percent increase in 2023 road and bridge project starts nationwide.

After an 8 percent decrease in the number of multifamily construction groundbreakings in 2023, industry analysts are forecasting that multifamily builds will increase by 14 percent this year.

Reflecting excess inventory that came online during 2023 to leave warehouse construction starts down 18 percent in, warehouse construction is anticipated to decrease an additional 11 percent in 2024.

The news for luxury/upscale hospitality construction outlook looks bright this year, according to both Dodge and JLL. Both research firms predict U.S. hotel starts to increase 16 percent throughout 2024.

Manufacturing is also expected to rise 16 percent this year, constricted only by the availability of skilled labor and persistent delays in electrical component-related supply chains. With electrical component wait times the exception, other supply chains are predicted to continue stabilizing.

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